Electric Aircraft Market Worth $37.2 Billion in 2030

The Electric Aircraft Market report provides an analysis of the market from 2022 to 2030. It discusses the industry and technology trends that are currently prevailing in the Electric Aircraft market, along with the drivers, restraints, challenges, and opportunities. The Electric Aircraft market is expected to grow from USD 8.8 billion in 2022 to USD 37.2 billion in 2030, at a CAGR of 19.8% during the forecast period. Increase in air traffic and various technological advancements in aircraft systems is expected to drive growth of the electric aircraft market.

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Based on Application, the military segment of the electric aircraft market is accounted for the largest market share during the forecast period. Due to the large presence of UAVs in military for different missions the early market share is expected to be larger in the military applications. With the advent for Advanced Air mobility along with electric long distance travel aircraft the commercial segment is expected to take over.

Based on system, the aerostructures segment is expected to dominate the market during the forecast period. One of the main methods electric aircraft manufacturers are trying to reduce the weight of the aircraft is by adopting light yet durable materials for the aircraft aerostructures. These materials can have high cost compared to traditional materials used in aircraft manufacture. Due to these factors aerostructures have a larger market share during the forecast period.

North American region accounts for the largest market share among the regions. The US is the largest adopted of electric aircraft across all regions. The North American market is also ramping up investment in their production facilities and other infrastructure that will support the urban air travel ecosystem. North America is home to the major Full-body scanner manufacturers and service providers. Major OEMs and service providers like Boeing (US) and Joby Aviation (US) among others run their operations from the US.